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History of Light Metal Industries Ltd.

YEAR EVENTS 1982 - The Comp. was incorporated on 9th July, at Calcutta. The Comp. was promoted by West Bengal Industrial Development Corporation Limited [WBIDCs], & India Foils, limited

- The main objective of Comp. is to manufacture aluminium rolled products such as foil stocks, container coils & sheets, industrial sheets, coils for circles, common alloy coils & other allied products.

- The Comp. entered into a Technical Services Agreement with Cegedur Societe De Transformation De L'Aluminium Pechinery [Cegedur Pechinerys] under which they were to train the company technical & production personnel at their plants in France on the operation of continuous casting line, its peripherals & related areas.

- The technology of continuous castings of other aluminium strip was provided by equipment manufacturer Cegedur Pecuney of France.

1985 - 8 Shares subscribed for by signatories to the Memorandum of Association. 61,39,992 shares then issued at par of which 15,96,400 shares to WBIDC & 15,34,992 shares to India Foils Ltd., were reserved & allotted.

- Out of remaining 30,08,600 shares, 1,50,430 shares to employees [including Indian working directorss] & 60,172 shares to business associates of Comp. were reserved for preferential allotment. Except 1,09,780 shares from the employees quota, all were taken up. The balance 27,97,998 shares not taken up by employees were offered for public subscription during October.

- 7,52,150 additional shares allotted to the public to retain oversubscription. 7,82,850 additional shares were also allotted to promoters [WBIDC and India Foils Ltd.s] to retain their share.

1987 - It was proposed to amalgamate the Comp. with India Foils Ltd., which was approved by shareholders in October.

- Pending the clearance from the Central Government, the Comp. was informed that the proposed amalgamation was dropped & the application was withdrawn by India Foils, Ltd.

1988 - The Comp. suffered losses due to acute shortage of raw materials & hike in the input costs.

- The Comp. came under the provisions of Sick Industrial Companies [Special Provisionss] Act, 1985. The Comp. made a reference to Board for Industrial and Financial Reconstruction [BIFRs]. Subsequently, BIFR directed Industrial Development Bank of India [IDBIs] to finalise a rehabilitation scheme.

1989 - All participating commercial banks & financial institutions barring IFCI had since then implemented the package.

1990 - The overall production declined to 6,937 tonnes due to shortage of its basic raw material i.e. Aluminium ingot during first half of year.

- The Comp. reporting cash profit for year ended 31st March, BIFR had ruled that the Comp. couldn't be regarded as a sick unit under the provisions of above mentioned Act. BIFR therefore decided to drop further proceedings with regard to company reference.

- Approval of Government of India to the company application for re-endorsement of licensed capacity under the minimum economic scale scheme from the existing 10,000 TPA to 15,000 TPA was obtained.

1991 - The Comp. improved its production, inspite of closure of unit for 44 days & a fire in its Rolling Mill.

1994 - Production declined to 6,593 tonnes due to the replacement of Old Electrical System of its Rolling Mill.

- The Comp. was planning to install an imported continuous casting machine from France & other balacing equipment to increase the production capacity of Rolling Mill.

1995 - The Comp. entered into a technical collaboration agreement for upgradation of melting, casting & rolling technology with Pechiney Rhenalu, France.

- 76,75,000 Right equity shares issued in prop. 1:1.